4 Signs You’re Letting Credit Control Your Life

Credit cards and other debt are a massive problem for a lot of people. In fact, most people that have debt don't believe they will ever get it paid off in their lifetime. Consumer debt is a multi-trillion dollar problem that keeps people in bondage, affects relationships, and limits the freedom live your life on your own terms. Angie and I have had no consumer debt for over a decade now (except for a mortgage). I can tell you for a fact that living without debt makes a huge difference in how we live our lives! We refuse to let credit control our lives any more!

In this article I’ll show you four signs that debt is controlling your life. I'll also show you how to counteract the manipulation that comes with the marketing of credit to you as a consumer. Of course, I’ll also provide some killer resources to help eliminate the influence of credit and debt in your life for good.

Two Stunning Facts About Credit

A recent survey from Ipsos shows that 76% of Americans have at least one credit card. Another finding from the Urban Institute found that 35% Americans have debt that is in collections. That figure doesn’t include mortgage debt, which would certainly add to the total.

These facts alone make it plain to see that too many of us rely on credit- it’s not doing us any good.

So how did it end up this way? It's because the big banks have literally billions of dollars to spend on marketing. They mold our beliefs and emotions about debt, convincing us we need it to get by in life.

4 Signs You’re Letting Credit Control Your Life

You Worry About Your Credit Score

A good credit score does not mean you’re succeeding with money. Maintaining an excellent credit score only means you’re good at managing debt. But you know what comes with debt? Interest and fees, stress, and the fact that debt keeps you in perpetual bondage.

When you fall for this marketing trick, you almost always spend more than if you had just paid cash. Even if you spend enough to actually “earn” the rewards, they are rarely worth what you had to spend to earn them. I used to use an airmiles card for my dental practice, so I know from first hand experience how this manipulation works.

With that said, I do know a few people (other personal finance bloggers) that claim to play the credit card rewards game successfully. However, most people don't have the time or diligence it takes to manage it without spending more than they would using cash.

You Think You Need a Credit Card “Just in Case”

For most people, this means just in case of an emergency. Credit card companies are all too happy to convince you that you need a credit card for unexpected expenses. They know that if you have a card available, you are going to use it.

Most people like to keep a card on hand for an emergency. But the reality is that they end up using it when they run a little low on cash at the end of the month just to make ends meet. That’s not an emergency, it’s just poor planning.

Doing a monthly budget and building an emergency fund keeps you from being tempted by having a card “just in case” that ends up causing you to spend more than you make.

Quit Feeding the Credit Beast

There are plenty more signs that you’re letting credit control your life, but these are the top 4 that I run into most often when talking to my readers and teaching people about finances.

Here’s the deal, using credit cards and other forms of consumer debt may seem innocent enough at first. But a little here, a little there, add a car payment and a couple of emergencies, and soon you’ve dug a financial hole that's extremely difficult to climb out of.

The result is that you live life differently because you have more stress, less money, and less freedom because you have to keep feeding the credit beast.

Credit Doesn’t Have to Control Your Life

There is a way out. There is a way that you can stop being normal, and start being someone that has options, freedom, and much less stress because you have no debt keeping you in constant bondage.

We Did It, You Can Too

I can show you how to stop letting credit control you and manipulate you into a lifestyle of limitation. You can learn the techniques Angie and I used to get rid of all of our consumer debt and turn our financial life around permanently. My highly rated Celebrating Financial Freedom online course teaches you everything you need to know.

Question: Has being in debt limited your life in any way? Leave a comment and tell me how.

Summary

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4 Signs You’re Letting Credit Run Your Life

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How you're manipulated into using credit and how to avoid it. You don't need a card for emergencies, to maintain a good credit score, or to earn rewards. Being normal (in debt) keeps you in bondage, limits your options, and keeps you from achieving financial freedom | Resources for getting out of debt